Jisort Admin User Mannual

5. 1.4 CREATING PRODUCTS

5.4. 1.4.3 Fixed deposits product creation

Fixed deposit is an account provided by financial institutions they offer higher interests as compared to other savings accounts. Withdrawals are limited. Below is the window for fixed deposits.

 

 

 

Below is a table with fields and their explanations

Field

Explanation

Product name

Add the name of a product.

Short name

Shortened form of product name

Description

Add descriptive note for the product

Currency

Select currency at which this product will be operating at

Default deposit amount

An amount that you usually contribute/deposit during routine deposits.

Minimum deposit amount

The lowest allowed contribution/deposits an individual can add to their fixed deposit account

Maximum deposit amount

The highest allowed contribution/deposits an individual can add to their account

Nominal annual interest

It is a field to add the rate at which the cash in the fixed deposit account, grows at

Interest compounding period

A field with a drop down list in which you can select the period at which interest will be compounded.

Interest calculated using

This is a field with a drop down list. It provides two options;

I.          Average daily balance

II.        Daily balance

P.S: Average daily balance- sub-total balances of a particular month divided by the days in that month

Daily balance- Balance at the end of a day

Interest posting period

This is a field with a drop down list providing an option of periods at which interests can be posted.

Savings reference

This is a field with a drop down list option. Select the account in which the savings reference belongs to.

Savings control

Select account to which savings control will go.

Savings transfer in suspense

From drop down list select account to which savings transfer in suspense should go to.

Interest on savings

Select from the drop down list to which account should interest on savings go to.

Income from fees

Select from drop down list to which account does the ‘income fee’ goes to.

Income from penalties

Select from drop down list to which account ‘income from penalties’ belongs to

Status

Select from drop down list whether product created should be active or inactive.